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Below is the Technical Quote On Today`s Market Performance by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing weakness in the last five sessions, Nifty witnessed a sharp upside bounce on Friday amidst a volatile session and closed the day higher by 186 points. After opening on a downside gap, Nifty slipped into further weakness in the early part of the session. Fine intraday upside bounce has occurred from the lows of 14350 and the market has erased the intrady loss completely and closed near the highs. The high low range for the day was around 438 points.

Long bull candle was formed on Friday, after opening lower and this pattern indicate a formation of bullish 'Piercing Line' candlestick pattern. Normally, this bullish pattern is formed at the lows and are part of short term bottom reversals. Hence, one may expect Friday's low of 14350 to be a short term bottom reversal.

Nifty respected the lower supports of previous opening upside gap of 2nd Feb at 14336 and also weekly 10 period EMA (14600-after violating below it). The weekly 10 period EMA has offered crucial support for the market since past few months and resulted in a sustainable upside bounce. Hence this is going to be important for the next week.

Conclusion: The sustainable upside bounce from the lower supports and a formation of bullish candlestick pattern of Friday raises hopes for bulls to make a comeback. Further upmove from here could confirm reversal pattern and that could open more upside in the coming sessions 14900-15000 levels in the short term. Immediate support is placed at 14600.

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